Adhesives and Sealants Market to Hit Sales of $87.9 Billion by 2028 | Asia Pacific has Become Manufacturing Hub for Adhesives and Sealant
WASHINGTON, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Global adhesives and sealants market was valued at USD 63.1 billion in 2021 and is projected to touch valuation of USD 87.9 billion by 2028 at a CAGR of 5.7% during the forecast period, 2022–2028.
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Adhesive and sealant usage continue to grow as people look for ways to efficiently seal and protect their properties against the elements. As the world becomes increasingly connected, demand for these products has increased as well, reaching USD 63.1 billion in 2021. One of the main reasons for this growth of the global adhesives and sealants market is the increasing number of items that need to be permanently sealed or adhered to surfaces. This includes items such as windows, roofs, boats, airplanes, and portable electronics. In addition, various industrial applications are also benefiting from increasing demand for adhesive and sealants. These include the production of automobiles, oil rigs, metalworking equipment, and food packaging.
Vantage Market Research study says, the adhesives and sealants market growth and demand are influenced by several factors, such as economic conditions, technological advances, and environmental concerns. The environmental concerns affecting the adhesive and sealant industries include climate change and water scarcity.
Adhesive and sealant products are used in a wide range of industries such as construction, automotive, aeronautics, electronic and medical devices. The adhesives and sealants market are dominated by the Asia Pacific region and is expected to account for the largest share until 2030. The major drivers of the adhesive and sealant market are increasing adoption of secure packaging systems, improvement in mobility needs and rise in awareness about environmental concerns.
Key Industry Findings & Insights from the report:
The Global Adhesives and Sealants Market was valued USD 63.1 Billion in 2021 and is all set to surpass USD 87.9 Billion by 2028, exhibiting a CAGR of 5.7% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Adhesives and Sealants industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Top Players in Global Adhesives and Sealants Market
Arkema S.A.
BASF SE
Evonik Industries AG
H.B. Fuller
Henkel AG & Co. KGAA
Lord Corporation
Scott Bader Co.
Sika AG
3M Company
Uniseal Inc.
Asia Pacific has Become Hub for Adhesives and Sealants Manufacturing
With the increasing demand for adhesives and sealants in the Asia-Pacific region, many manufacturing companies have relocated their operations to Asia in search of lower labor and material costs. According to a report by the Institute of Plastics Engineering and Technology, global adhesive and sealant production is projected to grow by 6.1% annually through 2030. Asia Pacific adhesives and sealants market were valued at 22.59 billion in 2021 and the revenue is projected to surpass the valuation of USD33.86 by 2030.
In recent years, China has emerged as a leader in adhesives and sealants market by production, accounting for over 30% of the global output. The country’s strong economic growth and rapidly expanding infrastructure are key factors driving Chinese manufacturers to adopt high-volume manufacturing strategies and increase the use of new materials and technologies.
However, India is also starting to emerge as a leading player in this market; its economy is expanding at a much faster rate than China’s, and its population is larger. India’s increasing demand for consumer goods, as well as its rising workforce levels, are leading many companies to relocate their manufacturing operations to India.
Due to its lower labor costs and ample supply of raw materials, Asia adhesives and sealants market has become the preferred location for manufacturers of adhesives and sealants. As the region continues to grow economically, more companies will relocate their operations
To meet this growing demand, many manufacturers in the global adhesives and sealants market are investing in new technologies that allow them to create stronger and more durable adhesives and seals. Some of the most advanced developments in this area include nanotechnology-based adhesives and synthetic polymer blends that are tougher than traditional adhesive materials.
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Scope of the Report
Report Attributes | Details | |
Market Size in 2021 | USD 63.1 Billion | |
Revenue Forecast by 2028 | USD 87.9 Billion | |
CAGR | 5.7% from 2022 to 2028 | |
Base Year | 2021 |
|
Forecast Year | 2022 to 2028 | |
Key Players | • Arkema S.A. | |
Current Status of the Global Adhesives and Sealants Market
From the last few years, the global adhesives and sealants market has been experiencing increased demand due to a number of factors. For example, the increasing popularity of wind energy has led to increased use of adhesive and sealant securing materials for wind turbines. For instance, in 2021, 273 TWh wind energy was produced, which was 48% higher than earlier year due to rapidly expanding infrastructure around the globe and favorable government support for clean energy. Additionally, domestic economic growth is boosting the demand for adhesive and sealant products used in various applications, such as construction, automotive repairs, and home improvement.
As per Vantage Market Research, the global adhesives and sealants market is growing steadily in developed countries such as the United States and Germany, while they are expanding faster in emerging markets such as China and India. This trend is expected to continue over the next several years because consumer preferences are changing and new applications are being developed. In addition, the technology involved in manufacturing adhesive and sealants is advancing rapidly, which is contributing to rising demand.
The adhesive and sealant industry are booming, with sales expected to hit USD 87.9 billion by 2028. The industry has been consistently growing, with new technologies and product innovations helping to drive this growth. However, the industry is also facing some challenges that must be addressed in order to continue to grow. Some of these challenges include increasing demand from emerging markets and the need for greater product performance and longer lasting sealants.
Adhesives are classified into three categories based on the type of adhesive chemistry: synthetic rubber-based adhesives, acrylic-based adhesives, and silicone-based adhesives. Silicone-based adhesives have the highest application potential in the adhesives and sealants market due to their compatibility with several materials and the variety of additives that can be used in the formulation. Adhesive manufacturing will also undergo expansion in Asia as manufacturers seek to gain an edge over competitors.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Adhesives and Sealants Market Size, Share & Trends Analysis Report by Product Type (Adhesive, Sealant), by Applications (Paper Board & Packaging, Building & Construction, Woodworking & Joinery, Transportation), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Here are two key trends that will impact the Adhesive and Sealant Market in the coming years:
1. Emerging Markets: Growing demand from developing economies is driving growth in the adhesive and sealant industry. These markets are becoming more active and are looking for products that can improve their quality of life. Additionally, these markets are seeking products that are sustainable, environmentally friendly, and affordable.
2. Product Performance: Increasingly stringent environmental regulations are driving product performance requirements in the adhesive and sealant industry. Technologies like solvent free adhesives are helping to meet these requirements while also reducing environmental impact. Additionally, increasing use of rubber-based elastomers is leading to increased product performance demands in seals, gaskets, and O-rings.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Adhesives and Sealants Market for the base year and forecast period?
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Top Companies in Adhesives and Sealants Market | Comprehensive Report Offering Company Size & Share, Market Insights, Growth Analysis, Historical and Future data.
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